Canara Bank offers various personal loan products to cater the urgent financial needs of individuals from different professions and phases of life. The personal situations like wedding, home renovation, medical expenses, vacation, etc. can be easily handled with the help of Canara Bank Personal Loan, which is offered up to Rs. 5 lakh. You can apply for this loan both online and offline as per your convenience.
Canara Bank Personal Loan - Features and Benefits
- Loan amount: The loan amount offered by Canara Bank on various personal loan schemes goes upto Rs. 5 lakh
- Flexible tenure: The tenure depends upon the type of personal loan scheme that you choose and varies from 34 months to 60 months to 120 months
- Multiple options: Canara Bank offers various loan schemes that are designed for different individuals. These schemes are Canara Budget, Canara Pension, Canara Teachers Loan, Canara Rent, etc.
- Online application: Canara Bank personal loan can be applied online from the comfort of your home or office and ensures less documentation and quick disbursal of loan amount
Canara Budget
The loan is offered to meet genuine/personal needs other than speculative purpose. The bank offers a personal loan amount of Upto Rs. 3 lakh and it can be repaid within 60 months.
Canara Budget – Interest Rates and Fees
One year MCLR of the bank is 8.50%
Interest Rate | With Salary tie-up | One Year MCLR + 4.30% |
Without Salary tie-up | One Year MCLR + 5.30% | |
For BSNL Employees | One Year MCLR + 2.30% | |
Processing Fees | 0.5% of the loan amount subject to a minimum of Rs.1000/- and maximum of Rs.5000/- |
Canara Budget – Eligibility Criteria
- You should be a confirmed employee of reputed PSUs and joint stock companies
Or
Central / State Government officials
Or
Lecturers / Asst. Professors / Professors of Colleges / Research Institutions and Universities
Or
IT/BT Companies
- You must have a salary account with the branch
- Your minimum monthly salary should be either Rs. 10,000 or should not be less than 25% after meeting the proposed monthly instalment
Canara Budget – Documents Required
- Stipulated Loan Application with 2 copies of passport size photographs
- Latest Salary Certificate and Form No.16 / ITR/ITAO for last 3 years
- Co-obligation
Canara Pension - General Public
This loan is offered to the pensioners to meet their medical expenses and other personal needs. You can avail a loan amount of upto Rs. 5 lakh. If you are below 65 years, you can repay the loan within 72 months and if you are below 65 years, you can repay the loan within 60 months.
Canara Pension – Interest Rate and Fees
Interest Rate | One Year MCLR + 3.20% |
Processing fees | Processing charges are waived in respect of the loans under this scheme |
Canara Pension – Eligibility Criteria
The following pensioners who are drawing their pension through Canara Bank are eligible for this loan:
- All State Government Pensioners
- All Central Government Pensioners (viz., Central, Civil, Railways, Defence, Armed Forces, Defence Civilians and Freedom Fighters etc.)
- Pensioners of all Government Department Undertakings
- Pensioners of all Public Sector Undertakings/Corporate Pensioners
- Family Pensioners of all the above categories
Canara Pension – Documents Required
- Stipulated Loan Application with 2 copies of passport size photographs
- Co-obligation (unless waived)
- Delivery letter to DPN
Canara Pension (Canara Bank Ex-Employees)
This loan is offered to ex- employees of Canara Bank to meet genuine personal needs, medical expenses and to make payment of premium of IBA Group Mediclaim Insurance Policy for Retired Employees of Canara Bank/Family Pensioners of Retired Employees of the bank who have opted for and are covered under the scheme.
Canara Pension (Canara Bank Ex-Employees) – Interest Rate and Fees
Interest Rate | One Year MCLR + 3.20% |
Processing fees | Processing charges are waived in respect of the loans under this scheme |
Canara Pension (Canara Bank Ex-Employees)- Eligibility Criteria
Pensioners and family pensioners of Canara Bank can avail this loan.
Canara Pension (Canara Bank Ex-Employees) – Documents Required
- Stipulated Loan Application with 2 copies of passport size photographs
- Co-obligation (unless waived)
- Delivery letter to DPN
Canara Teachers Loan
This loan is offered to teachers to fulfil personal/domestic needs and not for speculative purposes. You can opt for a loan amount of upto Rs. 3 lakh and can repay it by 48 months.
Canara Teachers Loan – Interest Rate and Fees
Interest Rate | One Year MCLR + 3.95% |
Processing fees | 1% of the loan amount with a minimum of Rs.50/- |
Canara Teachers Loan – Eligibility Criteria
- You should be a part of the teaching/non-teaching staff working in a school/college
- You should be drawing salary through Canara Bank along with an undertaking letter from salary disbursing authority at District/Block level
Canara Teachers Loan – Documents Required
- Stipulated Loan Application with 2 passport size photographs
- Latest Salary Certificate and Form No.16
- Co-obligation where applicable
- Pronote/Pronote Covering Letter
Canara Consumer Loan
This loan is offered to individuals so that they can purchase brand new durable utility articles, computers/laptops, home appliances including furniture, electronic gadgets, etc.
Canara Consumer Loan – Interest Rates and Fees
Interest Rate | One Year MCLR + 4.45% |
Processing fees | 1 % of the loan amount with a minimum of Rs. 250/- |
Canara Consumer Loan – Eligibility Criteria
- You should be a salaried professional, a businessman or a professional
- If you are a salaried individual, your minimum monthly net salary should be 40% of gross salary or Rs. 6000, after meeting the installment for the proposed loan. Also, your salary should be credited to Canara Bank
- If you are a professional and other non- salaried personal, your minimum annual net income should be Rs. 1,50,000/- evidenced by Income Tax Assessment Order (ITAO) / Income Tax Return (ITR)
Canara Consumer Loan – Documents Required
- Loan Application with 2 copies of passport size photographs
- Latest Salary Certificate and Form No.16 / ITR/ITAO for last 3 years
- Invoice of the article proposed to be purchased
Canara Bank Personal Loan - EMI Calculator
Calculating Canara Bank EMI before applying for personal loan helps you in making sure that the loan EMIs does not disturb your monthly budget. It also helps in reducing the risk of defaulting on your loan. Finding an EMI that best suits your requirement through manual calculations is a tedious task, therefore, we, at Paisabazaar.com, offer you a Personal Loan EMI calculator. This online tool helps you find an EMI (Equated Monthly Instalments) as per your eligibility just by filling the following information:
- Loan amount
- Tenure
- Interest rate
Compare Canara Bank Personal Loan VS Other Lenders
Particulars | Canara Bank | HDFC Bank | Citi Bank | ICICI Bank | Bajaj Finserv |
Interest Rate | Starting from 13% p.a | 11.25% to 21.50% | Starting from 10.99% | 11.50% to 19.25% | Starting from 12.99% |
Tenure | Varies from customer to customer | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
Loan amount | Upto Rs. 5 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Upto Rs. 20 lakh | Upto Rs. 25 lakh |
Processing Fee | Upto 1% of loan amount | Upto 2.50% of the loan amount | Upto 3% of the loan amount | Upto 2.25% of loan amount plus GST | Up to 3.99% of the loan amount |
Apply Now | Apply Now | Apply Now | Apply Now | Apply Now |
Canara Bank - Customer Care
- You can call on 1800 425 0018 (24x 7 works all the days except on 15th Aug, 2nd Oct & 26th Jan)
- You can visit the nearest branch
FAQs
What should be the minimum credit score to apply for Canara Bank Personal Loan?
The minimum credit score to apply for Canara Bank personal loan should be 750.
What will happen if I miss an EMI?
You might have to pay a late payment fee and your credit score might also get affected.
I am a salaried professional and wish to opt for a loan to pay my father’s medical bills. Which loan scheme should I opt for?
You can opt for Canara Budget to deal with such a situation.